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|### economics in practice - the objects||--- the auction rules|
For a lecture at carnegie mellon university in the mfa series, we set up an unusual auction, incorporating non-standard economic theory in a practical situation.
As the lecture coincided with the last day of our visit there, we were selling off all items we did not want to take back home to Amsterdam. These items ranged from a cell phone to ballpoints to license plates.
All items were catalogue, registered and labeled. You can view the items below.
Through several different auction scenarios and some added theory we played with several notions from, mostly, behavourial economics, a branch of economics specialising in the way people make economic decisions. Their research shows that economic decisions are often not rational, but influenced by very abritrary facts. Click here to see auction rules and texts.betty+paul